PF: Chapter 10 Lesson 2 Taxes on Your Paycheck

What are the three kinds of income?

• Active income, passive income, and investment income

• Salary income, rental income, and portfolio income

• Wage income, rental income, and portfolio income

• Earned income, passive income, and investment income

Which type of income requires little to no effort to earn?

• Earned income

• Portfolio income

• Passive income

• Investment income

What is earned income?

• Money earned from investments

• Money earned from renting out property

• Money earned from selling assets

• Money earned by working

What is passive income?

• Money earned from investments

• Money earned from selling assets

• Money earned by working

• Money earned from renting out property

What is portfolio income?

• Money earned from selling assets

• Money earned from renting out property

• Money earned by working

• Money earned from investments

How is earned income taxed?

• At the federal level

• At the state level

• At the individual level

• At the employer level

What form do you need to fill out when starting a job to determine tax withholding?

• Form 1040

• Form W-4

• Form W-2

• Form W-9